I am in the process of selling my flat in Stanmore and the EA has just called to warn that the purchasers are switching property lawyer. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a major lender only engage with specific lawyers rather the firm that they want to choose for their conveyancing in Stanmore ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Can you recommend a Godiva Mortgages Ltd approved Stanmore conveyancing solicitor who can have us moved in within 10 days? Am I best advised to unstruct a local Stanmore practice or a factory type firm?
We can recommend some very good Stanmore conveyancing firms. You can also walk up the high street in Stanmore. Go in to two or three firms and ask to see a conveyancing solicitor for a quote. Discuss your expectations together with the reasons and get an assurance on speed. Appoint the lawyer that appears most efficient.
My wife and I have recently appointed a conveyancing solicitor in Stanmore. I I would like to check whether they are accepted on the Barclays Direct approved list of lawyers. Could you assist?
You should phone your conveyancer and ask them if they can act for the lender. Otherwise please call Barclays Direct who may be able to assist.
I'm purchasing a new build house in Stanmore with the aid of help to buy. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent told me not disclose to my solicitor about this extras as it will put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Taking into account that I am about to spend £400,000 on a terraced house in Stanmore I would like to have a conversation with the lawyer concerning theconveyancing prior to giving the go ahead to the firm. Is this something that you can arrange?
This is something that we recommend - we would be pleased to talk to you we do not take any clients on without you speaking to the conveyancer who will be doing your conveyancing in Stanmore.There is no ‘factory style conveyancing’ - every client is unique person, not a file number. The practices that we put you in touch with believe that the figure you are quoted for your conveyancing in Stanmore should be the amount on the final invoice that you end up paying.
Please set examples of specific advantages to instructing a local conveyancing practitioner in Stanmore
Home movers in Stanmore prefer a nearby high street property lawyer so that they can attend the lawyer’s offices in the event that they have concerns, and to collect documents rather than relying on the post.
There is a slight benefit in selecting a conveyancer local to a property you are planning to purchase, due to the in-depth knowledge of the region and potential local concerns - yet this is debatable. Most conveyancers are now online and could be any place in the world.